US Home Furniture Market to Expand by USD 11.7 Billion (2024-2028) Driven by a Growing Residential Construction Market, Powered by AI

NEW YORK, Oct. 14, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The home furniture market size in US is estimated to grow by USD 11.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.2% during the forecast period. Improving residential construction market is driving market growth, with a trend towards surging demand for eco-friendly furniture. However, inherent threat from re-used furniture market poses a challenge. Key market players include American Furniture Manufacturing Inc., Ashley Retail LLC, Bassett Furniture Industries Inc., Berkshire Hathaway Inc., Crate and Barrel, Dorel Industries Inc., Ethan Allen Interiors Inc., Godrej Interio, Inter IKEA Holding B.V., Klaussner Home Furnishings, LaZBoy Inc., Penney OpCo LLC, Pier 1 Imports Online Inc., Raymour and Flanigan Furniture and Mattresses, Restoration Hardware Inc., Roomstogo.com Inc., Sauder Woodworking Co., Sleep Number Corp., Wayfair Inc., and Williams Sonoma Inc..

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Key Market Trends Fueling Growth

The home furniture market in the US is witnessing a growing trend towards eco-friendly or green furniture. Consumers are increasingly demanding sustainable products due to environmental concerns, such as the impact of urbanization and industrialization on the environment. In response, retailers like Crate and Barrel are sourcing materials from responsible suppliers, such as the Tropical Forest Trust, and using resources like plantation-grown teak and mango wood. Sustainable bamboo is another popular eco-friendly resource used for kitchen and bathroom furniture. Online furniture stores, including 2Modern, ABC Home, Urban Woods, Etsy Reclaimed Furniture, Myakka, Eco Chic, Haiku Designs, EcoBalanza, Inmod, and Bambeco, also offer a wide range of sustainable furniture options. Manufacturers are modifying their styles to cater to this demand while minimizing their carbon footprint. 

The Home Furniture Market in the US is experiencing significant trends. Online orders are surging, with e-commerce platforms driving sales. Supply chain efficiency and global trade are crucial for keeping up with consumer demand. Eco-friendly furniture is on the rise, as lifestyles prioritize sustainability. New product lines include multifunctional pieces, RTA furniture, and a focus on handcrafted authenticity versus mass-produced pieces. Rising material costs and skilled labor shortages challenge the industry. Metals, such as rose gold, gold, brass, and blackened metals, are popular choices. Economic growth and consumers' spending power fuel the market's expansion. The luxury furniture market targets homes, hotels, and offices, with real GDP growth and economic recovery boosting investments. Home furnishings and furniture industries collaborate, offering luxury experiences through travel, dining, entertainment, and luxury goods. Raw materials like wood, leather, plastic, and glass are essential. Investments in home furniture are increasing, with a shift towards eco-friendly, handcrafted, and multifunctional pieces. The industry remains dynamic, with continuous innovation and adaptation to consumer preferences. 

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Market Challenges

• Millennials, set to become the largest demographic in the US, are increasingly opting for re-used or refurbished furniture due to financial constraints. This trend has led to a decrease in sales for new furniture, as consumers prefer affordable and repurposed items. The market has seen a slowdown due to this shift in consumer behavior, as well as an increase in the number of rental apartments and rental furniture options. Additionally, baby boomers downsizing to smaller living spaces contribute to the discarding of old furniture, which is then resold to new home buyers. Millennials, expected to delay homeownership, may further impact the market's growth. Consummers are also seeking added features in even the simplest furniture pieces, such as sleeping mattresses, adding to the complexity of the market.
• The home furnishings industry, also known as the furniture industry, faces several challenges in the US market. Luxury interior designers seek unique, high-end experiences for their clients, driving demand for luxury goods. Travel and dining trends influence furniture designs, with a focus on entertainment and ambience. Raw materials, such as plastic and glass, impact production costs. Investments in housing and home renovation/remodeling create opportunities for home furniture sales. Essential goods like sofas, beds, chairs, cupboards, and living room furniture remain in high demand. In metropolitan areas with high population density, space-saving solutions like Murphy sofas and smart furniture are popular. The spending power of consumers in urban areas continues to influence market trends. Overall, the furniture industry must adapt to meet the evolving needs of consumers and designers while managing production costs and supply chain challenges.

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Segment Overview 

This home furniture market in US report extensively covers market segmentation by

1. Product 
• 1.1 Living room furniture
• 1.2 Bedroom furniture
• 1.3 Storage furniture
• 1.4 Others
2. Distribution Channel
• 2.1 Brick and mortar
• 2.2 Online mode
3. Geography 
• 3.1 North America

1.1 Living room furniture- The home furniture market in the US is a significant sector, with numerous businesses offering various styles and types. Firms source materials domestically and internationally to meet consumer demand. Sales channels include retail stores, e-commerce platforms, and direct-to-consumer models. Market trends include sustainability, customization, and affordability. Competition is fierce, necessitating continuous product innovation and customer service excellence.

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Research Analysis

The Home Furnishings industry in the US is experiencing a surge in online orders as consumers continue to prioritize home comforts and improvements during the economic recovery. The supply chain is facing challenges due to global trade disruptions and rising material costs, particularly for popular eco-friendly options like wood and leather. New product lines, such as those featuring on-trend metals like rose gold, gold, and blackened metals, are driving innovation. Despite these challenges, the industry is thriving, with economic growth leading to increased consumers' spending power. Offices and luxury interior designers are also investing in high-end furniture to create unique, luxury experiences for their clients. However, a skilled labor shortage is making it difficult for manufacturers to keep up with demand. Overall, the Home Furnishings industry is adapting to meet the changing needs of consumers while navigating the complexities of global trade and supply chain management.

Market Research Overview

The Home Furniture Market in the US is experiencing significant growth, driven by various factors. With the rise of online orders and e-commerce, consumers can now easily purchase furniture for their homes, hotels, and offices from the comfort of their own homes. The supply chain for home furniture has become more globalized, with raw materials sourced from around the world. Eco-friendly furniture is becoming increasingly popular, as consumers seek to reduce their carbon footprint and live more sustainably. New product lines, such as multifunctional furniture and smart furniture solutions, are also gaining traction in the market. However, the industry faces challenges such as rising material costs and a skilled labor shortage. Ready-to-assemble (RTA) furniture has become a popular solution for manufacturers and retailers to keep costs down. The economic recovery and growth have led to an increase in consumers' spending power, driving demand for luxury furniture and home décor. Wood, leather, and metals remain popular materials, with trends towards rose gold, gold, brass, and blackened metals. The home furnishings industry, including furniture and home décor, is a significant contributor to the economy, with investments in raw materials, housing, and home renovation. The market caters to various lifestyles, from essential goods for small urban apartments to luxury experiences for metropolitan areas. Plastic and glass are also used in home furniture and décor, adding to the diversity of the market. The market includes a range of products, from sofas and beds to chairs, cupboards, and living room essentials. Overall, the Home Furniture Market in the US is a dynamic and diverse industry, responding to changing consumer trends and economic conditions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Living Room Furniture
• Bedroom Furniture
• Storage Furniture
• Others
• Distribution Channel
• Brick And Mortar
• Online Mode
• Geography
• North America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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